Tips for Saving Money on Fleet Auto Insurance
Photo by Taylor Bryant on Unsplash
For Business owners who utilize multiple company owned vehicles in their operation, one of the biggest expenses is Auto Insurance. Managing and operating an auto fleet is challenging and insurance costs surely don’t make matters easier. As the size of your fleet grows so to do the insurance premiums and management requirements.
Auto Fleets can range from two business owned vehicles used for deliveries, to hundreds of maintenance trucks and trailers. Just as a wide array of business fleets exist, so too does the insurance coverage and premiums. Diving into the world of Business Auto Insurance, may not sound like a day at the beach for most entrepreneurs, however there are a few simple components to consider when shopping for insurance coverage for your fleet.
Hire Safe Drivers
One of the biggest variants the push up the cost of a company’s business auto insurance is hiring practices. Hiring an employee with a poor driving record or with multiple traffic violations will surely drive up the cost of your insurance policy. Insurance companies check the Motor Vehicle Report (MVR) of each driver that they add to an auto insurance policy and when that MVR is blemished, business owners feel the negative effects on their insurance premiums. It is recommended that employers evaluate the effects of adding any potential hire on their auto insurance before making an offer for employment.
Bundle Insurance Policies
Many Auto Insurance providers also offer additional insurance coverages such as General Liability, Workers Compensation, Equipment Property Coverage, etc. Purchasing your fleet auto insurance and other business insurance policies from the same insurance carrier can provide excellent savings. Many insurance companies offer significant discounts for maintaining multiple insurance policies with them, a reward that can slash premium costs.
Different companies have different appetites for risk, so depending on the industry that you’re in or the types of insurance policies that the company offers, your current fleet auto insurance provider may not be willing to offer additional insurance coverages.
Take advantage of Discounts
There are several discounts available to clients, and depending on who your insurance provider is, you may or may not be taking advantage of them. Many insurance carriers offer discounts for having GPS devises installed in your fleet vehicles. Not only is this an inexpensive way to earn a discount, but it also allows managers to monitor company vehicles and can help in the recovery process if a vehicle is ever stolen.
Having a good maintenance program and properly maintaining your fleet vehicles is another way to earn a discount on auto insurance. By having a written maintenance program, business owners can prove that they are diligent with their fleet. This extra care is often rewarded by auto insurance providers.
Discounts can also be generated from payment plan and billing style. Many insurance companies will offer a significant reduction in cost by paying your bill through EFT or paying premiums in advance for the policy term. Additional cost savings can be applied by signing up for paperless billing which allows the insurance company to saving on printing and postage costs.
Use an Independent Agent to Compare Companies
Utilizing the services of an independent agent is a terrific way to find savings on your auto insurance policy. Insurance agents have a much better grasp on the appetite of individual insurance carriers and can bundle multiple policies together to find savings. In addition, the independent agent can cost compare from many insurance carriers rather than being captive to a particular company.
Beyond the cost saving measures that independent agents can provide, it is always important to speak with an agent regarding the type of coverage you have and the potential exposures that exist in your day-to-day operations. Getting this valuable advice can help protect your assets from the unforeseen.
If you would like to discuss your Fleet auto insurance options, contact a Moore Resources Insurance Agent!
Moore Resources is an Independent Insurance Agency located in St. Petersburg, FL and offering Homeowners Insurance, Auto Insurance, Personal Insurance and Business Insurance. Our reach extends beyond the Tampa Bay area to the entire state of Florida. Moore Resources has regionally been dedicated to serving the local residents of Pinellas, Hillsborough, Polk, Pasco, Manatee and Sarasota counties; including St. Pete, Tampa, Clearwater, Bradenton, Brandon, Dunedin, Gulfport, Lakeland, Largo, Lutz, Palm Harbor, Pinellas Park, Riverview, Ruskin, Seffner, Seminole, Temple Terrace, Tierra Verde, Town n Country, and the Gulf Coast Beaches.
The purpose of this blog is to present general information only. It does not interpret specific policies or coverage. In order to obtain detailed information regarding your insurance, contact a licensed insurance agent.
